Eastern Asia: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Eastern Asia

After two years of decline, the East Asian market for oil and water paints and varnishes increased by 4.5% to $X in 2021. In general, consumption, however, showed mild growth. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Production of Oil And Water Paints And Varnishes in Eastern Asia

In value terms, production of oil and water paints and varnishes rose rapidly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 18%. Over the period under review, production of attained the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Oil And Water Paints And Varnishes

Exports in Eastern Asia

For the fourth year in a row, Eastern Asia recorded decline in overseas shipments of oil and water paints and varnishes, which decreased by -4.7% to X tons in 2021. Overall, exports showed a deep reduction. The most prominent rate of growth was recorded in 2017 with an increase of 14% against the previous year. Over the period under review, the exports of reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, exports of oil and water paints and varnishes soared to $X in 2021. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by 22% against the previous year. Over the period under review, the exports of attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) was the main exporter of oil and water paints and varnishes in Eastern Asia, with the volume of exports accounting for X tons, which was approx. 46% of total exports in 2021. China (X tons) took the second position in the ranking, followed by South Korea (X tons) and Japan (X tons). All these countries together took approx. 52% share of total exports. Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of -1.0%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Taiwan (Chinese) ($X), South Korea ($X) and Japan ($X) were the countries with the highest levels of exports in 2021, together accounting for 82% of total exports.

Among the main exporting countries, South Korea, with a CAGR of +3.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, with an increase of 25% against the previous year. Export price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+9.6%), while the other leaders experienced more modest paces of growth.

Imports of Oil And Water Paints And Varnishes

Imports in Eastern Asia

In 2021, after two years of decline, there was significant growth in overseas purchases of oil and water paints and varnishes, when their volume increased by 12% to X tons. In general, imports, however, showed a noticeable decline. The most prominent rate of growth was recorded in 2016 with an increase of 31%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, imports of oil and water paints and varnishes surged to $X in 2021. Overall, imports, however, recorded a mild setback. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the key importer of oil and water paints and varnishes, generating 47% of total imports. It was distantly followed by Taiwan (Chinese) (X tons), Macao SAR (X tons), Japan (X tons) and South Korea (X tons), together comprising a 48% share of total imports. Hong Kong SAR (X tons) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to oil and water paints and varnishes imports into China stood at -5.7%. At the same time, Macao SAR (+1.8%) displayed positive paces of growth. Moreover, Macao SAR emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +1.8% from 2012-2021. Japan experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-3.9%), South Korea (-4.5%) and Hong Kong SAR (-7.1%) illustrated a downward trend over the same period. While the share of Macao SAR (+5 p.p.) and Japan (+2.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of China (-6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported oil and water paints and varnishes in Eastern Asia, comprising 62% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 17% share of total imports. It was followed by Japan, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in China was relatively modest. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-3.7% per year) and Japan (+1.6% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, with an increase of 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.6%. The pace of growth appeared the most rapid in 2017 an increase of 20%. The level of import peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Japan ($X per ton), while Macao SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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